After spending a few weeks fighting the key $2,500 resistance, the largest altcoin exploded on Friday and surged well past it, reaching its highest level since late January of $2,660 before it was halted.<\/p>\n
The 8% move was quite unexpected, as it occurred within an hour or so, prompting many questions in the community about who or what was behind it and what\u2019s next.<\/p>\n
According to data shared<\/a> by popular analyst Ali Martinez, Ethereum whales played a substantial role in finally breaking the barrier, even for a short time. Ethereum transactions worth more than $1 million increased by almost 14% during the rally, suggesting a significant uptick in activity from these large market participants.<\/p>\n Within less than two hours, the underlying asset posted one of its most impressive wicks this year, climbing from under $2,440 to $2,667 before it was stopped. The move north followed several encouraging on-chain signals identified by the analyst earlier this week.<\/p>\n CryptoPotato<\/em> reported<\/a> before that more than 116,000 ETH, worth around $300 million at the time, was withdrawn from exchanges within a 48-hour period. Such developments reduce the amount of the asset immediately available for trading.<\/p>\n In addition, Martinez identified $2,475 as an important resistance zone that has now turned into support, where approximately 2.86 million ETH had previously changed hands.<\/p>\n As we said at the time, his bullish thesis envisioned a surge toward approximately $2,700 if ETH is able to break through $2,530.<\/p>\n Despite the impressive rally on Friday, the bears were quick to step up and didn\u2019t allow ETH to exceed $2,700 or even retain much of the gains. The asset is now back at just over $2,500, and the next challenge could be even harder.<\/p>\n On-chain data shows that more than 10 million ETH were previously acquired between $2,720 and $2,820, which creates a substantial resistance zone. Investors who bought within that range could dispose of their assets if ETH returns toward their cost basis, especially since they have been waiting for a while for such prices.<\/p>\n Aside from the technical perspective, risk-on assets like BTC and the altcoins face a massive test next week as the Federal Reserve is expected<\/a> to hike the interest rates on September 16. A day earlier, the US Senate is scheduled to vote<\/a> on the CLARITY Act<\/a>, which is likely to bring more volatility to the table.<\/p>\n The post Ethereum Whales Just Woke Up as ETH Exploded to 8-Month High: What\u2019s Next?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" After spending a few weeks fighting the key $2,500 resistance, the largest altcoin exploded on Friday and surged well past it, reaching its highest level since late January of $2,660 before it was halted. The 8% move was quite unexpected, as it occurred within an hour or so, prompting many questions in the community about […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-226275","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/226275"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=226275"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/226275\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=226275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=226275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=226275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What\u2019s Next for ETH?<\/h2>\n